The physics chat is scheduled for Tuesdays and Thursdays at 8:00 PM Central Time (2:00 AM GMT). Participants have noted that attendance has been low, prompting a suggestion to focus on one day and time for better engagement. The idea of establishing a permanent chat feature was discussed, but concerns were raised about it potentially attracting an unwanted crowd, which has led to the current setup. Overall, there is a desire for more participation in the chats and a focus on improving attendance.